Approval of Brownfield Redevelopment Plan Makes Project Possible in Meridian Township
Thursday, December 15, 2016, LANSING, MI – The Lansing Economic Area Partnership (LEAP) announces that the Ingham County Board of Commissioners has given final approval to the Brownfield Plan for “Elevation” at Okemos Pointe. This project was previously approved by the Ingham County Brownfield Redevelopment Authority (ICBRA) and the Meridian Charter Township Board of Trustees.
The project is a partnership of BSD Development from California, Randle and Branoff Development of Okemos, and T.A. Forsberg, Inc. of Okemos. Elevation will consist of a total of 441,549 sq. ft. of buildings over the 37.29 acre site. Construction will be in three phases: Phase I includes 166 apartments and 6,214 sq. ft. of commercial space. Phase II & III will add another 232 apartments and 20,000-sq. ft. space for a community market and food innovation district. Elevation’s amenities will include trails and parks connected to Meridian Township’s existing trail system.
“Elevation has been a long time in the planning and approval process and become an even greater project than what we initially started with thanks to our partnership with LEAP, Meridian Twp, ICBRA and the County. The location will provide a great housing opportunity for our region and create a social hub near Okemos and Jolly Road.” said Brent Forsberg of T.A. Forsberg, Inc.
The new development will generate an estimated increase of $11.1 million in property taxes over ten years. The brownfield plan calls for the Developer to pay up to $3.9 million of brownfield costs to clean-up and prepare the site for redevelopment. The Developer will then be reimbursed their brownfield costs over the next 10 years from the $11.1 million increase in property taxes. This allows $7.2 million of the new taxes to flow directly to local government and taxing units, including $460,911 to Meridian Township. Thus, the brownfield plan is funded through the Developer’s own tax payments and mutually beneficial to local government and other taxing units.
“We could not have gotten this project ready for development without the help of the Township, the County, ICBRA and LEAP, in working through the predevelopment brownfield process with us.” said Will Randle, Project Manager for Elevation.
The Lansing Regional Brownfield Coalition provided $74,000 in funding for environmental assessments to assess the level and extent of contamination present on the development site. LEAP also provided guidance and support in the creation and public approval of the Brownfield Plan.
Pat Smith CEO of BSD “Many people put a lot of time and effort into making this project happen. I am excited to be a part of this development and bring my expertise in resort style communities to the Mid-Michigan market.”
“LEAP congratulates T. A. Forsberg, Randle and Branoff Development and BSD Development along with Meridian Township and Ingham County for utilizing the power of a public private partnership to make this project possible. The Elevation will be a great asset to the region helping attract and retain talent and provide a welcome addition to the area’s housing options.” said Karl Dorshimer, Director of Business Development, LEAP.
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